3 November 2018

Ethiopia: Nation Records Single-Digit GDP Growth

Photo: Addis Fortune
Addis Ababa.

The Planning & Development Commission has reported that the nation recorded one of the lowest growth rates over the past decade last fiscal year, 7.7pc.

This is in contrast to an average of around 9.6pc growth in gross domestic product (GDP) this decade.

Industry continued to be the fastest growing sector, while agriculture only grew by 3.5pc. Nonetheless, service continues to retain the largest share in the economy flanked by industry.

The growth in GDP also means that annual per capita income increases to 882 dollars. The wide disparity between imports and exports also continues, with exports making 8.4pc of GDP, while imports registered 23pc of GDP.

This year's economic performance is below the targets set by the government, which targeted an annual growth rate of 11.1pc, keeping inflation in the single digits and reducing the gap between exports and imports, none of which have materialised.

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